Fuel prices to change every Thursday, starting March 30

By THE STAR | 22 March 2017


PETALING JAYA: Motorists will have to keep an eye on petrol and diesel prices weekly following the Domestic Trade, Co-operation and Consumer Affairs Ministry's announcement that they will change every Thursday.

Minister Datuk Seri Hamzah Zainuddin made the announcement on RTM's TV1 5pm news today, and said that the new mechanism would allow consumers to enjoy a more stable retail price for fuel compared to the monthly pricing currently in use.

The new mechanism will come into effect on March 29.

Weekly fuel prices will be announced every Wednesday and the new price will be enforced the next day.

"The first announcement will be on Wednesday, March 29, which is next week and the new petrol and diesel prices will be enforced on March 30," he said.

Hamzah also said fuel station operators will be allowed to give discounts on fuel, provided that prior permission is obtained from the ministry.

"Station operators are reminded to adhere to the new prices and serious action will be taken against those who do not," he said.

Hamzah said the ministry had had several consultations with oil companies, station operators, non-governmental organisations and other relevant parties before coming up with the change in the pricing mechanism.

This was later presented to the Cabinet and the weekly price mechanism was approved on Feb 22.

Meanwhile, motorists are bra­cing themselves for the weekly fuel price announcements.

What concerns many of them is whether the prices of goods and services will fluctuate along with any changes in the fuel price.

Interior contractor Richard Lum believed that it would be business as usual for motorists but hoped traders would not indiscriminately raise prices.

“And if they dare to, I think they will have to deal with the backlash from consumers,” he said.

Advertising producer Lando Za­­wa­wi is worried about the same thing.

He said many retailers would want to raise prices to insulate themselves from the uncertainty.

“I’m not sure how the Government is going to deal with such retailers. Consumers will find it hard to deal with hikes in the prices of goods every week,” he said.

Lando, who commutes on a mo­tor­cycle, added that weekly fuel price chan­ges could cause anxie­ty among motorists.

House renovator Han Chang Kong expected the new mechanism to be confusing and would likely affect his weekly budgeting.

“Will there be a different price every week and what about service providers like transport companies? Will their prices also change every week?” he asked, adding that he found monthly announcements more stable.

Others were simply hoping for fuel prices to stay pocket friendly.

“I’m not sure of the profit margins in the rise and fall of the fuel price but I hope they are reason­able,” said IT entrepreneur Gwee Chee Seng.

“We understand that increases in the oil price happen but we hope that whatever goes up should also come down when the price does,” he said.

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